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Oil Prices End The Week Lower On U.S.-Iran Diplomatic Moves
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- Markets Oil Prices End The Week Lower On U.S.-Iran Diplomatic Moves By Gaurav Sharma,
- West Texas Intermediate front-month oil futures contract was also down, trading 3.2% or $2.98 lower at $90.02 on Friday.
- Previously the President said both sides were close to a deal on May 29, before another round of skirmishes with Iran that saw the U.S. target an oil tanker heading to the country and Tehran’s missile bases.
Markets Oil Prices End The Week Lower On U.S.-Iran Diplomatic Moves By Gaurav Sharma,
Forbes contributors publish independent expert analyses and insights. Gaurav Sharma is a London-based analyst who covers energy & ESG.Follow Author Jun 05, 2026, 03:32pm EDT(Photo: David Mc New)Getty Images Oil prices were in retreat on Friday after having risen for three straight sessions earlier in the week, as diplomatic overtures to bridge differences between the U.S. and Iran continue.
The global proxy oil futures benchmark Brent was trading at $92.94 per barrel at 10:31am EDT on Friday, down 2.16% or $2.05, as geopolitical turmoil in the Middle East - that began with the Iran War on February 28 - went past the three-month mark.
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